All Forum Posts by: Neil Schoepp

@Saj Johnson  I'm not to familiar with PA and Ohio. If I were thinking of going into those markets I would be looking for MSA's and / or counties with a min. population of 250K, household income of 45 and per capita of 20 to 25K. Look to see where the people are moving to, follow migration reports. So for instance I would look up Pittsburgh's numbers and see how attractive they are. Then cities like Cleveland, Cincinnati,  Columbus, Youngstown etc.  Compare the numbers and see which is strongest. Then search right here for those cities and see what people are saying. Reach out to a few and get a feel for that market. 

@Saj Johnson

Congrats you accomplished the first step on your road to wealth creation.

1. Pick a strategy and type of property----Check

Now continue on the journey

2. Pick a market 

        I found this to be one of the harder things to do.  Start with where you grew up, where you have family and friends, where you once worked. Where the wife grew up etc. This will lead to "inside information"  boots on the ground insight. What blocks or areas to stay away, natural barriers that block the path of progress (large roadways, rivers, tracks etc.) Once you have the area run the numbers on that market. Bestplaces.org is a good starting point. 

A. Look for 2% job growth

B. Household growth year over year

C. Diverse employment. Diverse employment is by both sector and Job so in Detroit you had a bunch of different           jobs but they were all tied to one sector. Same thing in Houston back in the eighties. 

D. Business minded (friendly) Government.  The local government policies will either attract or deter business.              Business brings population, population brings you clients. For every 1 white collar job created there are 3 blue          collar jobs created.

3. Reach out to other investors in that market and start networking ---Nothing like first hand knowledge AND future help       when you run into something.

4. Start building your team-----Contact brokers and property managers start building re pore with them. 

5. Landlord friendly Jurisdiction Some states evictions take 30-45 days others take years.

If you are really set on Value Add Multifamily I would suggest searching for and reading everything by a fellow BPer and investor Gino Barbara he helped me greatly when I was just starting and has continued to add value to my endeavor each and every day. 

Anything else I can help with please just reach out.

@Albert Hunter

Try community banks near the park. If you are still running into problems write a three page report showing why MHP's are such a good investment. Include things like building new ones are severely restricted, yields are much greater, management is much easier, etc. 

@Erik Petrovich Welcome aboard. It's nice to meet you. You already know this is a great place. Just starting out I would listen to as many different podcast as I could with the objective of finding what I want my niche to be. Flipping, retail, MF, SFR, tax sales, notes, foreclosures, MHP, etc. Once you pick your strategy then hone in on that with books and podcast. Then research by the numbers 10 markets, then pick your top 3 and concentrate on one of those. Learn your market inside and out, then attack it like a shark.

Hope to see ya' around.

That PDF should be either a) revise-able or b) converted to a word doc so it is.

If the your client has already signed then yes it's an addendum to the lease and both you and them sign it. If they haven't signed it then add it to your lease in the appropriate spot. This keeps all the items in order and flowing nicely when you sit down with them and explain the lease. If you are in a time squeeze then the addendum will work, just get your lease to be revise-able so that moving forward you can insert and remove items at will.

@Daniel W Finley

It would be interesting to know if it is fact or fiction. It is public information so I cannot see how it would be illegal. I'm fairly certain this is how the major list providers (ie list source etc) source their information. 

Ask them if they are able to cite the law. That you would like to further your education and be able to, when in conversation, back up your claim. Ask in an inquisitive manner not an accusatory one. 

@Michael Zagorsky 

Some random thoughts that may help.

1. Do you or the wife have any contacts up that way that may be able to ask around for the correct contractor to perform work.

2. Reach out to the Local REIA and ask for any suggestions on contractors.

3. Have some detailed photos taken and you call around and find someone you are comfortable with. 

4. Use the towns name in this post as to ping on keywords that are set up by fellow BP'ers. If it's a small town use the MSA.  

I understand you predicament. In my local market it's hard to find guys that do good work. Hell if they just show up on time your happy. This leads to me doing a lot of the work myself. With that being said I would hold off until you find someone your comfortable with. Talking with the contractors over the phone should be enough. 

By the way you are correct, this is why you pay for property management, they should be able to handle it. If you are having other concerns with them it may be time to go shopping.

I'm currently looking at a properties in Greer, SC in the vicinity of the Walmart Super Center off of East Wade Hampton Blvd. The one opposite the Chevy Dealer. 

Would you invest there? 

What are rents for a 2bdrm/1bath apartment?

How are the schools (in general) ?  and Crestview Elementary, specifically.

Is the area in growth or decline?

and anything else you may think relevant.

Yes, I did my online research and have spoken to brokers, now I'm looking for actual real life experience. You can only trust online so much and brokers always make it look good. But what do the unbiased boots on the ground say?

@Mike Dymski

@Mike Dymski What are some of the things you liked about Reedy. I have a call with them tomorrow based on a broker recommendation. I like to do my own DD which led me to your post.

@Manny Cirino A search will supply plenty but here are some of my favorites.

Wheelbarrow of Profits by Gino Barbara

The Complete Guide to Buying and Selling Apartment Houses by Steve Berges

Lifetime Cash Flow Through Multifamily Properties by Rod Khleif

I have not read it yet but The ABCs of Real Estate by Ken McElroy is very well liked by many. I intend on reading this next month.

One last one though not Multifamily more how to think creatively when dealing with Real Estate is 

Blue Ocean Opportunities in Commercial Real Estate by Cherif Medawar It's only in kindle format but well worth the $3.